Application Gross Income Question...

[SimonP]

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@RyVision wrote:

I have to add in Simon's case, some issuers are now including more than one income source line or at least more sources of income. If the applicant puts 0 they can still claim spousal or HHI in another line which infers financial responsibility of the applicant. I just checked for the Chase Sapphire  and the drop down for "source of income"  allows "home maker" and  "other" in that case I'd expect to call in and explain HHI\spouse.

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So based on Chase application above, should she select Home Maker instead of Student and put "0" on the income field?

[Anonymous]

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@SimonP wrote:

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@RyVision wrote:

I have to add in Simon's case, some issuers are now including more than one income source line or at least more sources of income. If the applicant puts 0 they can still claim spousal or HHI in another line which infers financial responsibility of the applicant. I just checked for the Chase Sapphire  and the drop down for "source of income"  allows "home maker" and  "other" in that case I'd expect to call in and explain HHI\spouse.

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So based on Chase application above, should she select Home Maker instead of Student and put "0" on the income field?

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Well, here's a thought... what if Spouse1 gives Spouse2 a certain budget for running the household. Could Spouse2 select Home Maker and then put in the budget for income? I have no idea if this would be ok or not, but just throwing it out for discussion.

[the_jan_b]

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tinuviel wrote  

Well, here's a thought... what if Spouse1 gives Spouse2 a certain budget for running the household. Could Spouse2 select Home Maker and then put in the budget for income? I have no idea if this would be ok or not, but just throwing it out for discussion.

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That's a good question!  I would love to know the answer... 

[RyVision]

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@digitaldiva wrote:

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tinuviel wrote  

Well, here's a thought... what if Spouse1 gives Spouse2 a certain budget for running the household. Could Spouse2 select Home Maker and then put in the budget for income? I have no idea if this would be ok or not, but just throwing it out for discussion.

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That's a good question!  I would love to know the answer... 

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That could actually be making things more complicated than they need to be. That could bring in the question of pay stubs and tax returns for household expenditures and create more paperwork than the card is worth getting.

Frankly, I would go with what fits best, student, home maker or other. Other gives the option of HHI due to spouse (banks aren't trying to exclude spousal income being counted, nor is the law really, it's really about ability to pay.  If the issuer wants the financially responsible spouse to sign a document stating they'd be liable for any debt on that account, I'm sure it would be no problem, and that would allow the card to be in the 2nd persons name). The chase app also allows the choice of "Student other", which would probably be most fitting for SimonP's situation.

Considering your SimonP and his wife file jointly, using "student other" and listing the HHI and possibly his employer in the "employer" box would match the joint returns. Most likely they'd issue the card with little if any question. Remember it's banks that are required to abide by the card act, not consumers.  The bank will ask what it feels it needs to and they're not giving false info.

[Walt_K]

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@RyVision wrote:

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@digitaldiva wrote:

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tinuviel wrote  

Well, here's a thought... what if Spouse1 gives Spouse2 a certain budget for running the household. Could Spouse2 select Home Maker and then put in the budget for income? I have no idea if this would be ok or not, but just throwing it out for discussion.

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That's a good question!  I would love to know the answer... 

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That could actually be making things more complicated than they need to be. That could bring in the question of pay stubs and tax returns for household expenditures and create more paperwork than the card is worth getting.

Frankly, I would go with what fits best, student, home maker or other. Other gives the option of HHI due to spouse (banks aren't trying to exclude spousal income being counted, nor is the law really, it's really about ability to pay.  If the issuer wants the financially responsible spouse to sign a document stating they'd be liable for any debt on that account, I'm sure it would be no problem, and that would allow the card to be in the 2nd persons name). The chase app also allows the choice of "Student other", which would probably be most fitting for SimonP's situation.

Considering your SimonP and his wife file jointly, using "student other" and listing the HHI and possibly his employer in the "employer" box would match the joint returns. Most likely they'd issue the card with little if any question. Remember it's banks that are required to abide by the card act, not consumers.  The bank will ask what it feels it needs to and they're not giving false info.

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I don't think you have to pay taxes on wages you pay to your spouse.  But I'm not a tax expert.

[AndySoCal]

With the new law the application for the card would need to be joint.  The reasoning behind the law goes something like this.  On an individual applicatrion the person whose name is the application is  financiallly responsible. If that person has no income then how can the person repay the charges on the card.